Azerbaijan Is Racing To Capitalize On Soaring Oil Prices
Rising oil prices have pushed Azerbaijan to increase its state budget, with much of the spending earmarked for defense and reconstruction in Karabakh. On June 20, the Economic Policy and Labor and Social Policy Committees of Azerbaijan’s parliament met to discuss a Ministry of Finance proposal to increase the 2022 budget by 8.1 percent, bringing spending to over 32 billion manats [$19 billion].
“Taking into account the positive dynamics of the country's economic indicators, as the state and consolidated budgets received more revenues than forecast, President Ilham Aliyev instructed to direct part of the growing revenues to construction work in the liberated lands,” Finance Minister Samir Sharifov told the committees, referring to the territories that Azerbaijan retook in the 2020 war against Armenia. Aliyev also ordered spending boosts for social …
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